Daily Technical Forex Forecast 17.08.2018

EUR/USD

The Euro is still locked inside the local consolidation between the support 1.1303 and the resistance 1.1429. However, given the presence of the strong local downtrend, we should give advantage to short positions with this currency pair.

We can enter the market after the resumption of the price fall and a confident breakdown of the level of support. The move must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 100 points.

GBP/USD

The Pound is located inside a small consolidation near the local minimum. Considering the presence of the strong downtrend, we should give advantage to sales with this instrument.

We can enter the market after the resumption of a sharp sink of the pair on the large volume, which will be a more secure and strong signal for entering the market. A stop loss should be placed slightly above the beginning of this movement. The potential of the deal is more than 120 points.

USD/JPY

The Yen carried on trading in the local range between the support level 110.17 and resistance level 111.94. Therefore, our previous scenario remains actual: we can consider new positions only after an abrupt exit of the pair from the local consolidation. The breakdown movement must be rapid and supported by the large volume, which will insure us against a fake breakout.

USD/CAD

The Canadian dollar resumed its growth and again tests the resistance level/upper limit of the local range 1.3165. The upward movement was sharp and on theincreased volume, which allows us to consider a scenario of a breakout of this mark, which will be an excellent signal for the opening of long positions.

The breakout movement must be swift and supported by the large volume, which will insure us against a fake breakout and will be a more accurate signal for entering the market. A stop loss should be placed just below the breakout volume bar. The potential of the deal is more than 100 points.

AUD/USD

The Australian dollar is trading slightly above the support/local minimum level 0.7211. Considering the recent strong fall on the large volume, we still need to give advantage to short positions. Sales can be opened after a confident breakdown of this mark on the large volume, which will insure us against a fake breakdown. A stop loss should be located just above the breakdown volume bar. The potential of the deal is more than 80 points.

XAU/USD

The price corrected up and tested the resistance level 1180.40 – 1183.20 yesterday. The movement was on the small volume and given the presence of a strong downtrend, we still need to give advantage to sales.

We can enter the market after a small correction of the price up, in order to obtain a more profitable entry point. A stop loss should be located a little above the resistance level. The potential of the deal is more than 150 points.

The sentiment: the mood of the market totally affirms all of our deals today, which is a great additional signal for us. As with the Yen, we must wait for a sure and keen exit of the price from the consolidation and only after that we can open new positions.

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